5385-1 


N.C    railroad 


TOje  Htbrarp 

of  tije 

UnibersitpofJ^ortf)  Carolina 


Cntjotocti  bp  Wfyt  dialectic 

anb 

Philanthropic  Societies 


\J 


SSni 


c.'Su 


IMS"  ffi 


>Skn.  Doc.  No.  15.] 


[Ses.  1854-'55. 


A    BILL 


TO  INCORPORATE  THE 


WESTERN  NORTH  CAROLINA 


RAILROAD  COMPANY, 


RALEIGH  : 

\Y.  W.  HOLDEN,  PRINTER  TO  THE  STATR. 
1854. 


[Introduced  by  Mr.  Fisher.— Read  first  time,  passed, 
ordered  to  be  printed,  and  referred  to  Com.  on  Internal 
Improvement.     December  12,  1854.]. 


A  BILL 


TO  INCORPORATE    THE    WESTERN  NORTH 
CAROLINA  RAILROAD  COMPANY. 

Sec.  1.  Be  it  enacted  by  the  General  Assembly  of  the 

2  Slate  of  North  Carolina,  and  it  is  hereby  enacted  by  the 

3  authority  of  the  same,     That   for  the  purpose  of  con- 

4  structing  a  railroad   to  effect   a   communication  be- 

5  tween  the  North  Carolina  railroad,   and  the  Valley 

6  of  the  Mississippi,  the  formation  of  a  corporate  coni- 

7  pany,  with  a  capital  of  six  million  of  dollars,  is  here- 

8  by    authorized,    under  the   name    and   style    of  the 

9  Western    North   Carolina    railroad    company,    and 

10  when  formed  in  compliance  with  the  condition  here- 

11  matter  prescribed,   shall  have   a  corporate  existence 

12  as  a  body  politic,  for  the  term  of  ninety-nine  years. 

Sec.  2.  Be  it  further  enacted,  That  the  said  com- 

2  pany  shall   have    power  to   construct  a  railway  with 

3  one   or  more   tracks,  from  the  town  of  Salisbury,  on 
4:  the    North  Carolina   railroad,   passing  by  or  near  to 

5  the  town  of  Asheville,  in  Buncombe  county,  to  some 

6  point  on  the  Tennessee  line,  in  the   direction  of,  and 

7  near  Chattanooga,  in  said  State,  over  such  route  as 

8  may  be  determined  on  as  the  best  line  for  locating 

9  the  same,  after  organization  of  the  company. 

Sec.  3.  Be  it  further  enacted,  That  for  the  purpose 
2  of  creating  the  capital  stock  of  said  company,  the 
fu        3  following  persons  be,  and  they  are  hereby  appointed 
V         4  Commissioners — namely  : 

N 


160 


Sec.  4.  Be  it  further  enacted,  That  all  persons  who 
3  are,  or  may   hereafter  be    authorized  to  open  books 

3  for  subscription  of  stock  by  the  commissioners,  herein 

4  appointed  for  that  purpose,  shall   open  said  books  at 

5  any  time   after  the  ratification  of  this  act,   twenty 

6  days   previous   notice   being  given  in   some  one  or 

7  more    of  the  public  newspapers   in  this  State ;  and 

8  that  said  books,  when  opened,  shall  be  kept  open  for 

9  the  space  of  thirty  days  at  least,  and  as  long  thereaf- 
10  ter,  as  the  commissioners  first  above-named  shall  di- 
ll rect,  and  that  all  subscriptions  of  stock  shall  be  in 

12  shares  of  one  hundred  dollars,  the  subscriber  paying 

13  at  the  time  of  making  such  subscription,  the  amount 

14  of  five  per  cent,  on  the  same,  to  the  person  or  persons 

15  authorized  to  receive  such  subscription  ;  and  incase 

16  of  failure  to  pay  said  sum,  all  such  subscriptions  shall 

17  be  void,  if  the  commissioners   choose  to  so  declare  it, 

18  or  they  may  direct  it  to  be  recovered  by  suit  or  other- 

19  wise ;  and   upon  closing  the  books,   all  such  sums  as 

20  shall  have  been  thus  received  of  subscribers,  on  the 

21  first  cash  instalment,   shall  be  paid  over  to  the  gen- 

22  eral  commissioners,  hereinbefore  named,  by  the  per- 

23  son  recieving   them ;  and   for   failure  thereof,  such 

24  person   or  persons  shall  be  personally  liable  to  said 

25  general   commissioners,   before   the   organization    of 

26  said  company,  and  to  the  company  itself  after  its  or  - 

27  ganization,   to  be  recovered  in  the  Superior  Court  of 

28  law,  within  this  State,  in  the  county  where  such  de- 

29  linquent  resides,    or  if  he  resides  in  any  other  State, 

30  then   in  any   court  in  such  State,  having  competent 

31  jurisdiction.      That  the  said  general   commissioners 

32  shall  have   power  to  call  on,  and  require  all  persons 

33  empowered  to  receive  subscriptions  of  stock  at  any 

34  time,  and  from  time  to  time,  as  a  majority  of  them 
85  may  think  proper,  to  make  a  return  of  the  stock  by 
36  them   respectively  received,  and  to  make  payment 


101 


37  of  all  sums  made  by  the  subscribers:  that  Jill  persons 

08  receiving  subscriptions  of  stock,  shall  pass  a  receipt 

30  to  tlie  subscriber  or  subscribers  for  the  payment  of 

40  the  first  instalment,  as  heretofore  required  to  be  paid; 

4-1  and  nptra  their  settlement  with  said  general  commis- 

42  sioners,  as  aforesaid,  it  shall  be  the  duty  of  the  said 

43  general  commissioners,  in  like  manner,  to  pass  their 

44  receipt  for  all  sums  thus   received,  and  such  receipts 

45  shall  be  taken  and  held  to  be  good  and  sufficient 
40  vouchers  for  the  persons  holing  the  same. 

Sec.  5.  Be  ibfurilier  enacted,  That  it  shall  be  the 

2  duty  of  said  general  commissioners  to  direct  and  an - 

3  thorisc  the  keeping  open  of  books  for  the  subscription 

4  of.  stock  in  the  manner  above  described,  until  the  sum 
o  of  $200,003  shall  have  been  subscribed  to  the  capital 
G  stock  of  said  company;  and  as  soon  as  the  sum  of 

7  §200,000  shall  have  been  subscribed,  and  the  first  in- 

8  stalment  of  five  per  cent,  shall  have  been  received  by 
0  the  general  commissioners,  said  company  shall  be  re- 

10  garded  as  formed ;  and  the  said  commissioners,  or  a 

11  majority  of  them,  shall  sign  and  seal  a  duplicate  dec- 

12  laratiou  to  that  effect,  with  the  names  of  the  subscri- 

13  bers  appended,  and  cause  one  of  the  said  duplicates 
I  4  to  be  deposited  in  the  office  of  the  Secretary  of  State, 
15  and  thenceforth  from  the  closing  of  the  books  of  sub- 
10  SCription  as  aforesaid,  the  said  subscribers  of  the  stock., 
IT  together  with  all  subscribers  becoming  such  as  here- 
1S  hfafter  provided,  shall  form  one  body  politic  and  cor- 
1!)  porate,  in  deed  and  in  law,  by  the  name  and  style  of 
20  K the  Western  North  Carolina  Railraod  Company.*" 

Sec.  6.  Be  it  farther  enacted,  That  whenever  the 

2  sum  of  $200,000  shall  be  subscribed  in  maimer  afore- 

3  said,  the  subscribers,  their  executors,  administrators, 

4  and  assign',  shall  be,  and  they  are  hereby  declared  to 
Sen.  Doc.  No.  15.]  2 


162 


5  be  incorporated  into  a  company  by  the  name  and 

6  style  of  "  the  Western  North  Carolina  Bailroad  Com- 

7  pany,"  and  by  that  name  shall  be  capable  in  law  and 

8  equity,  of  purchasing,  holding,  leasing,  and  convey- 

9  ing  estates,  real,  personal  and  mixed,  and  of  acquir- 

10  ing  the  same  by  gift  or  devise,  so  far  as  shall  be 

11  necessary  for  the  purposes  embraced  within  the  scope, 

12  object  and  intent  of  this  charter,  and  no  further ;  and 

13  shall  have  perpetual  succession,  and  by  their  corporate 

14  name  may  sue  and  be  sued,  plead  and  be  impleaded 

15  in  any  court  of  law  and  equity  in  the  State  of  North 

16  Carolina ;  and  may  have  and   use  a  common    seal, 

17  which  they  may  alter  and  renew  at  pleasure ;  and  may 

18  have  and  enjoy  all  other  rights  and  immunities  which 

19  other  corporate  bodies  may  and  of  right  do  exercise, 

20  and  may  make  all  such  by-laws,  rules  and  regulations, 

21  as  are  necessary  for  the  government  of  the  corporation, 

22  or  for  effecting  the  object  for  which  it  is  created,  not 

23  inconsistent  with  the  constitution  and  laws  of  the 

24  State  of  North  Carolina. 

Sec.  7.  Be  it  further  enacted,  That  as  soon  as  the 

2  sum  of  two  hundred  thousand  dollars  shall  have  been 

3  subscribed  in  the  manner  aforesaid,  it  shall  be  the  du- 

4  ty  of  the  general  commissioners  appointed  herein,  to 

5  appoint  a  time  for  the  Stockholders  to  meet  at  Salis- 

6  bury,  which  they  shall  cause  to  be  previously  pub- 

7  lished  for  the  space  of  thirty  days  in  one  or  more 

8  newspapers  as  they  may  deem  proper;  at  which  time 

9  and  place,  the   said  Stockholders,  in  person   or  by 

10  proxy,  shall  proceed  to  elect  four  Directors  of  the 

11  company,  and  to  enact  all  such  by-laws,  rules  and 

12  regulations,  as  may  be  necessary  for  the  government  of 

13  the  corporation,  and  the  transaction  of  its  business. 

14  The  persons  elected  Directors  at  this  meeting  shall 

15  serve  for  the  term  of  one  year;  and  at  this  meeting 


103 


1<>  the  Stockholders  shall  lix  on  the  place  or  places  where 

IT  the  subsequent  election  of  Directors  shall  be  made  ; 

18  but,  if  the  day  of  the   annual   election   should   pass 

19  without   any  election    of  Directors,  the   corporation 

20  shall  not  thereby  be  dissolved,  but  it  shall  be  lawful, 

21  on  any  other  day,  to  hold  and  make  such  election,  in 

22  such  manner  as  may  be  prescribed  by  the  rules  or 

23  by-laws  of  the  corporation. 

Sec.  S.  Be  it  further  enacted,   That   whenever  it 

2  shall  appear  to  the  Board  of  Internal  Improvements 

3  of  this  State,  by  a  certificate  signed  and  sealed  by 

4  said  general  commissioners  or  a  majority  of  them, 

5  that  the  sum  of  two  hundred  thousand  dollars  has 

6  been  subscribed  for  and  taken,  and  the  five  per  cent. 

7  paid  in  thereon,  the  said  Board  of  Internal  Improve- 
S  ments  shall  be,  and  they  are  hereby  authorized  and 
9  required  to  direct  the  Treasurer  of  the  State  to  sub- 

10  scribe,  on  behalf  of  the  State,  for  stock  in  said  com- 

11  pany,  to  the  amount  of  four  hundred  thousand  dol- 

12  lars  in  the  capital  stock  of  said  company. 

Sec  9.  Beit  further  enacted,  That  upon  the  sub- 

2  scription  of  four  hundred  thousand  dollars,  as  herein- 

3  after  provided,  by  the  Treasurer,  under  the  direction 

4  of  the  Board  of  Internal  Improvements,  the   State 

5  shall  appoint  eight  directors  in  said  company,  who 

6  shall  be  appointed  by  the  Governor  by  and  with  the 

7  advice  and  consent  of  the  Council  of  State. 

Sec.  10.  Be  it  further  enacted,  That  at  the  time  of 

2  the  general  meeting  of  the  stockholders,  first  held 

3  upon  the  call  of  the  general  commissioners,  as  herein- 

4  before  provided,  and  immediately  thereafter,  upon  the 

5  election  of  tie  four  directors  by  said  stockholders  on 

6  their  part,  the  Board  of  Directors  being  duly  organ- 

7  ised,  and  a  majority  of  the  whole  twelve  hereinbefore 


164 


8  provided  to  be  made,  being  present,  the  said  Board 

9  shall  proceed  to  order,  and  cause  to  be  made  by  some 

1.0  capable  engineer,  a  survey  of  all  accessible  points  on 

1.1  the  Blue  Ridge  range,  from  the  northward  near  the 

12  Swannanoa  Gap  to  the  southward  near  and  below  the 

13  Reedy  Patch  Gap,  to  determine  the  most  practicable. 

14  point   for   approaching   and   constructing  a  railroad 
L5  across  said  Blue  Ridge  or  Alleghany  range,  so  as  to 

16  reach  a  point  on  the  French  Broad  River,  near  the 

1 7  town  of  Asheville,  in  Buncombe  comity. 

Sec.  11.  Be  it  further  enacted.  That  as  soon  as  the 
3  survey  aforesaid  shall  have  been  completed,  the  Board 

3  of  Directors  shall  proceed  to  locate  and  have  con- 

4  structed  as  speedily  as  possible,  on  the  route  they  may 

5  deem  best,  a  railroad  with  one  or  more  tracks,  to  be 

6  used  with  steam  power,  which  may  thereafter  be  ex- 

7  tended,  in  the  manner  hereinafter  provided,  from  the 

8  town   of  Salisbury  on   the  North  Carolina  Railroad, 

9  to  the  Tennessee  line  in  the  direction  of,    and  near 

10  to  the  town  of  Chattanooga. 

Sec.  12.  Be  it  further  enacted,  That  the  manner 

2  and  time  of  the  payments  of  the  subscription  on  the 

3  part  of  the  State,  shall  be  as  follows,  viz.:  the  one- 

4  fourth  part,  as  soon  as  the  private  stockholders  shall 
.">  pay  either  in  cash  or  labor  the  one-fourth  part  of  their 
0  subscription,  and  the  payment  thereof  is  duly  certi- 
7  fied  to  the  Board  of  Internal  Improvements  by  a  cer- 

5  tificate  under  the  seal  of  said  company  signed  by 
9  their  Treasurer,  and  countersigned  by  their  President, 

\  0  and  the  balance  either  in  part  or  in  whole,  whenever 

1 1  the  payment  of  a  pro  rata  amount,  either  in  cash  or 

1 2  labor,  shall  be  made  by  the  private  stockholders,  and 

13  duly  certified  to  the  board  of  Internal  Improvements 


lo- 


ll in  manner  and  form  as  aforenamed  :  Provided,  Tlmt 
15  the  State  shall  not  be  called  upon  to  pay  an  amount. 
L6  at  any  one  time,  of  less  than  fifty  thousand  dollars. 

Sec.  13.  Be  it  further  enacted,  That  the  affairs  of 

2  the  company  shall  be  managed  and  directed  by  a 

3  general  board,  to  consist  of  twelve  directors,  to  be 

4  elected  and  appointed  as  hereinbefore  provided,  at 

5  the  first  and  subsequent  general  annual  meetings. 

Sec.  14.  Be  it  further  enacted,  That  the  election 

2  of  directors  shall  be  by  ballot,  each  stockholder  hav- 

3  ing  as  many  votes  as  he  has  shares  in  the  stock  of 

4  the  said  company,  and  the  person  having  a  majority 

5  of  all  the  votes  polled,  shall  be  considered  as  duly 

6  elected:  Prodded,  That  no  person  shall  be  eligible 

7  to   serve   as  a  director  in  said  board  who  is  not  a 
S  holder  of  five  shares  of  stock  in  said  company. 

Sec.  15.  Be  it  further  enacted,  That  the  President 

2  of  the  company  shall  fee  elected  by  the  Directors  from 

3  among  their  own  number,  in  such  manner  as  the  reg- 

4  illations  of  the  company  shall  prescribe. 

Sec.  10.  Be  it  further  enacted,  That  at  the  first  gen- 

2  era!  meeting  of  the  Stockholders,  directed  to  be  called 

3  under  the  7th  section  of  this  Act,  a  majority  of  all  the 

4  shares  subscribed  shall  be  represented  before  proceed- 

5  ing  to  business ;  and  if  a  sufficient  number  do  not 

6  appear  on  the  clay  appointed,  those  who  do  attend 

7  shall  have  power  to  adjourn  from  time  to  time,  until 

8  a  regular  meeting  shall  thus  be  formed ;  and  at  such 

9  meeting  the  Stockholders  may  provide,  by  a  by-law, 

10  as  to  the  number  of  Stockholders  and  the  amount  of 

11  stock  to  be  held  by  them,  which  shall  constitute  a 

12  quorum  for  the  transaction  of  business  at  all  subse- 

13  quent  regular  or  occasional  meetings  of  Stockholders. 


166 

Sec.  17.  Be  it  further  enacted,  That  at  all  elections 

2  and  upon  all  votes  taken  in  any  general  meeting  of 

3  the  Stockholders,  upon  any  by-law  or  any  of  the  affairs 

4  of  said  company,  each  share  of  stock  shall  be  entitled 

5  to  one  vote,  and  that  any  Stockholder  in  said  com- 

6  pany  may  vote  by  proxy,  and  proxies  may  be  verified 

7  in  such  manner  as  the  Stockholders  may  by  law  pre- 

8  scribe. 

Sec  18.  Be  it  further  enacted,    That   the   general 

2  commissioners  shall  make  their  return  of  the  shares  of 

3  stock  subscribed  for  at  the  first  general  meeting  of 

4  Stockholders,  and  pay  over  to  the  Directors  elected  at 

5  said  meeting,  or  their  authorized  agent,  all  sums  of  mo- 

6  ney  received  from  subscribers  ;  and  for  failure  thoreof, 

7  shall  be  liable  to  said  company,  to  be  recovered  at 

8  the  suit  of  said  company  in  any  of  the  Superior  Courts 

9  of  law  in  this  State,  within  the   county  where  such 

10  delinquent  or  delinquents  may  reside,  and  in  like 

11  manner  from  said  delinquent  or   delinquent's  execu- 
12'  tors  or  administrators  in  case  of  his  death. 

Sec.  19.  Be  it  further  enacted,  That  the  said  Board 

2  of  Directors  may  fill  all  vacancies  which  may  occur 

3  in  it  during  the  period  for  which  they  have  been 
•1  elected,  and,  in  the  absence  of  the  President,  may 
5  appoint  one^'o  tempore  from  among  their  number. 

Sec  20.  Be  it  further  enacted,  That  all  contracts  or 

2  agreements  authenticated  by  the  President  and  Secre- 

3  tary  of  the  board  of  directors,  shall  be  binding  on  the 
4:  company  without  a  seal,  or  such  a  mode  of  authenti- 

5  cation  may  be  used  as  the  company,  by  then  by-laws 

6  may  adopt. 

Sec  21.  Be  it  further  enacted,  That  notice  of  pro- 
2  cess  upon  the  principal  agents  of  said  company,  or  the 


167 

3  President  or  directors,  or  any  of  them,  shall  be  deemed 

4  and  taken  to  be  due   and  lawful  notice  of  service  of 

5  such  process  upon  the  company,  so  as  to  bring  it  before 

6  any  court  of  competent  jurisdiction  within  the  State. 

Sec.  22.  Be  it  further  enacted,  That  the  Board  of 

2  Directors  may  call  for  the  payments  of  the  sums  sub- 

3  scribed  as  stock  in  said  company,  in  such  instalments 

4  as  the  interests  of  said  company,  in  their  opinion,  re- 

5  quire  ;  the  call  for  payment  shall  be  published  in  one 

6  or  more  newspapers  published  in  this  State,  for  at 

7  least  one  month  before  the  day  of  payment;  and,  on 

8  failure  of  any  Stocidiolder  to  pay  each  instalment  as 

9  thus  required,  the  Directors  may  sell,  at  public  auc- 

10  tion,  on  a  previous  notice  of  ten  days,  for  cash,  all 

11  the   stock  subscribed  for  in  said  company,  by  such 

12  Stockholder,  and  convey  the  same  to  the  purchaser  at 

13  said  sale ;  and  if  the  said  sale  of  stock  do  not  produce 

14  sufficient  to  pay  off  the  incidental  expenses  of  said 

15  sale,  and  the  entire  amount  due  to  said  company  for 

16  such  subrcription  of  stock,  then,  and  in  that  case,  the 

17  whole  balance  shall  be  held  as  due  at  once  to  said 

18  company,  and  may  be  recovered  of  such  Stockholder, 

19  or  his  executors,  administrators  or  assigns,  at  the  suit 

20  of  said  company,   either  by  summary  motion  in  any 

21  court  of  superior  jurisdiction  in  the  county  where  the 

22  delinquent  resides,  on  a  previous  notice  of  ten  days 

23  to  such  delinquent  subscriber,  or  by  action  of  assump- 

24  sit  in  any  court  of  competent  jurisdiction,   or  by  a 

25  warrant  before  a  justice  of  the  peace,  when  the  sum 

26  does  not  exceed  one  hundred  dollars  ;  and  in  case  of 

27  the  assignment  of  stock  before  the  whole  amount  has 

28  been  paid  to  the  said  company,  then  for  all  sums  due 

29  on  such  stock,  both  the  original  subscribers,  and  the 

30  first  and  all  subsequent  assignees,  shall  be  liable  to 

31  the  company,  and   the  same   may  be   recovered  as 
?%2  abovs  described. 


168 


Sec.  23.  Be  it  farther  enacted.  That  the  debt  of 

2  stockholders  due  the  company  for  stock  therein,  either 

3  as  original  proprietor,  or  as  first  or  subsequent  as- 

4  signee,  shall  be  considered  as  of  equal  dignity  with 

5  judgments  in  the  distribution  of  assets  of  a  deceased 

6  stockholder  by  his  personal  representatives. 

Sec.  24.   Be  it  further  enacted,    That    said  com- 
•  2  pany  shall  issue  certificates  of  stock  to  its  members ; 

3  and  said  stock  may  be  transferred  in  such  manner  and 

4  form  as  may  be  directed  by  the  by-laws  of  the  com- 

5  pany. 

Sec.  25.  Be  it  further  enacted,  That  said  company 

2  may,  at  any  time,  increase  its  capital  to  a  sum  suffi- 

3  cient  to  complete  said  road,  by  opening  books  for  the 

4  subscription  of  stock,  or  by  selling  such  new  stock,  or 

5  by  borrowing  money  on  the  credit  of  the  company, 

6  and  on  the  mortgage   of  its  charter  and  works — and 

7  the  manner  in  which  the  same  shall  be  done  in  either 

8  case,  shall  be  determined  by  the  Board  of  Directors. 

Sec  20.  Be  it  further  enacted,  That  the  Board  of 

2  Directors  shall,  once  in  every  year  at  least,  make  a 

3  full  report  on  the  state  of  the  company  and  its  affairs 

4  to  a  general  meeting  of  the  stockholders,  and  oftener 

5  if  required  by  law,  and  said  report  shall  be  laid  before 

6  the  Board  of  Internal  Improvements ;  and  said  Board 

7  of  Directors  shall  have  power  to  call  a  general  meet- 

8  ing  of  the  stockholders,  when  the  board  may  deem  it 

9  expedient,  and  the  company  may  provide,  by  their 

10  bydaws  for  occasional  meetings  being  called,  and  pre- 

11  scribe  the  mode  thereof. 

Sec.  27.  Be  it  further  enacted,  That  the  said  com- 

2  pany  shall  have  the  exclusive  right  of  conveyance, 

3  transportation   of  persons,  goods,   merchandise   and 


169 


4  produce  over  the  said  railroad,  to  be  "by  them  construe- 

5  ted,  at  sucli  charges  as  may  be  fixed  on  by  the  board 

6  of  directors. 

Sec.  28.  Be  it  further  enacted,  That  the  said  coni- 

2  pany  may,  when  they  see  fit,  farm  out  their  right  of 

3  transportation  over  said  railroad,  subject  to  the  rules 

4  abovementioned ;    and  the  said  company,  and  every 

5  one   who  may  have  received  from  them  the  right  of 
6*  transportatation,  of  goods,  wares,  and  merchandize, 

7  over  the  said  railroad,  shall  be  deemed  and  taken  to 
j|8  be  a  common  carrier,  as  respects  all  goods,  wares, 

9  produce  and  merchandise  entrusted  to  them  for  trans- 
10  portation. 

Sec.  29.  Be  it  further  enacted,  That  the  said  coin- 
s' pany  may  purchase,  have,  and  hold,  in  fee,  or  for  a 

3  term  of  years,  any  lands,  tenements  or  hereditaments 

4  which  may  be  necessary  for  the  said  road,  or  the  ap- 

5  purtenances  thereof,  or  for  the   erection  of  deposito- 

6  ries,  storehouses,  houses  for  the  officers,  servants  or 

7  agents  of  the  company,  or  for  workshops  or  foundries, 

8  to  be  used  for  the  said  company,  or  for  procuring  stone 

9  or  other  materials  necessary  for  said  company  in  the 

10  construction  or  repairs    of  the    road,  or  for  effecting 

11  transportation  thereon,  and  for  no  other  purpose. 

Sec.  30.  Be  it  further  enacted,  That  the  company 

2  shall  have  the  right,  when  necessary,  to  construct  the 

3  said  road  across  or  along  any  public  road  or  water 

4  course  :  Prodded,  That  the  said  company  shall  not 
Xp  obstruct  any  public  road,   without  constructing  an- 

6  other  equally  as  good. 

Sec.  31.    Be  it  farther  enacted.   That  when   any 

2  lands  for  right  of  way  may  be  required  by  said  com- 

3  pany  for  the  purpose  of  constructing  their  road,  or 


170 

4  for  any  of  the  uses  described  in  section  29  of  this  act, 

5  and   for   the   want   of   agreement   as   to    the   value 

6  thereof,  or  from  any  other  cause,  the  same  cannot  be 

7  purchased  from  the  owner  or  owners,  the  said  com- 

8  pany  shall  have  the  same  j>owers  to  condemn  all  such 

9  lands  belonging  to  individuals  or  corporations  as  may 

10  be   needed   for   the   aforenamed  purposes,    as   were 

11  granted  to,  and  conferred  upon  the  "  North  Carolina 

12  Railroad  Company,"  by  their  act  of  incorporation, 

13  and  shall  proceed  to  condemn  such  lands  in  the  same 

14  manner,  and  to  the  same  extent,  under  like  rules,  re- 

15  strictions,  and  conditions,  as  are  prescribed  in  the 

16  charter  aforesaid  for  the  government  of  the  said  com- 

17  pany  aforenamed,  and  the  said  company  shall  be  en- 

18  titled  to  hold  in  fee  simple  all  lands  belonging  to  the 

19  State,  over  and  through  which  the  said  road  may  pass, 

20  to  an  extent  not  exceeding  one  hundred  feet  on  either 

21  side  of  said  road,  and  .in  like  manner  shall  hold  to  the 

22  same  extent,  all  lands  over  which  said  road  shall  pass, 

23  after  the  use  and  occupation  of  the  same  by  said  com- 

24  pany  for  the  space  of  two  years,  with  the  acquies- 

25  ence  of  the  owner  or  owners  thereof;  and  the  said 

26  company  shall  have  good  right  and  title  thereto,  and 

27  shall  hold  and  enjoy  the  same,  as  long  as  the  same 

28  shall  be  used  for  the  purposes  of  said  railroad,  and  no 

29  longer :    Provided,    That  nothing  herein    contained 

30  shall  effect  the  rights  of  feme  coverts  or  infants,  until 

31  two  years  after  the  removal  of  their  respective  disa- 

32  bilities. 

Sec.  32.  Be  it  further  enacted,  That  if  any  person 

2  or  persons  shall  intrude  upon  said  railroad,  by  any 

3  manner  of  use  thereof,  of  the  rights  and  privileges 

4  connected  therewith,  without  permission,  or  contrary 

5  to  the  will  of  said  company,  he,  she,  or  they   may  be 

6  indicted  for  misdemeanor,  and  upon  conviction,  may 

7  be  fined  and  imprisoned  by   any  court  of  competent 
S  jurisdiction  in  this  State. 


171 

Sec.  33.  Be  it  further  enacted,  That  if  any  person 

2  shall  wilfully  and  maliciously  destroy,  or  in  any  man- 

3  ner  hurt  or  damage,  or  obstruct,  or  shall  wilfully  and 
■i  maliciously    cause,    aid,    assist    or    counsel  any  other 

5  person    or   persons   to   destroy,  or   in  any  manner  to 

6  hurt,  damage,  or  obstruct  the   said  railroad,  or  any 

1  bridge,  watertank,  warehouse,  or  any  other  property 

8  of  said  company,  or  any  locomotive,    or  car  used  for 

9  or  in  transportation  thereon,  such   person  or  persons 

10  so  offening,  shall  be  liable   to  be   indicted  therefor, 

11  and  on  conviction,  shall  be  imprisoned  not  more  than 

12  six,  nor  less  than  one  month,  and  pay  a  fine  not  ex- 
1S  ceeding  five   hundred   dollars,   nor  less  than  twenty 

14  dollars,  at  the  discretion  of  the  court,    before  which 

15  said  conviction  shall  take  place  ;  and  shall  be  further 

16  liable  to  pay  all  expenses  of  repairing  the  same, — 
IT  and  it  shall  not  be   competent  for  any  person,  so  of- 

18  fending  against  the  provisions   of  this   clause,   to  de- 

19  fend  himself  by  pleading  or   giving  in  evidence,  that 

20  he  was  the  owner,  agent,  or  servant  of  the  owner Jof 

21  the  land  where  such  destruction,  damage,  injury,  or 

22  obstruction  was  done,  at  the  time  the  same  was  caus- 

23  ed  to  be  done. 

Sec.  3-1.  Be  it  further  enacted,  That  every  obstruc- 

2  tion  to  the  safe  and  free  passage  of  vehicles  on  said 

3  road  or  its  branches,  shall  be  deemed  a  public  nui- 

4  sance,   and  may  be  abated  as  such  by  any  officer, 

5  agent,  or  servant  of  said  company,  and  the  person 

6  causing  such  obstruction  may  be  indicted  and  pun- 

7  ished  for  erecting  a  public  nuisance. 

Sep.  35.  Be  it  further  enacted,  That  the  said  com- 

2  pany  shall  have  the  right  to  take  at  the  store-houses, 

3  erected  by  them  on  said  railroad,  or  connected  there- 
4:  with,  or  on  its  branches,  goods,  wares,  merchandize, 
5  and  produce  intended  for  transportation,  prescribe  the 


172 

(}  rules  of  priority  and  charge,  and  receive  such  just 

7  compensation  for  storage,  as  they  by  rules  may  estab- 

8  lish,  ('which  they  shall  cause  to  he  published,)  or   as 

9  may  be   fixed  by  agreement  with  the  owner,  which 
LO  may  be  distinct  from  the  rates  of  transportation. 

Sec.  30.  Be  it  further  enacted,  That  the  profits  of 

2  the  company,  or  so  much  thereof  as  the  Board  of  Di- 

3  rectors  may  deem  advisable,  shall,  when  the  affairs  of 

4  the  company  will  admit,  be  quarterly  or  semi-annu- 

5  ally  divided  among  the  Stockholders  in  proportion  to 
C  the  stock  each  may  own. 

Sec  37.  Be  it  further  enacted,  That  as  soon  as  it 

2  may  become  necessary  to  borrow  the  money  for  pay- 

3  ment  of  the  subscription  by  this  Act  authorised,  the 

1  Public  Treasurer  shall  issue  the  certificates,  signed  by 
5  himself  and  countersigned  by  the  Comptroller,  in 
0  sums  not  less  than  $1,000  each,  pledging  the  State 

7  for  the  payment  of  the  sum  therein  mentioned,  with 

8  interest  thereon  at  the  rate  of  interest  not  exceeding 

9  six  per  cent,  per  annum,  payable  semi-annually  at 

10  such  times  and  places  as  the  Treasurer  may  appoint, 

11  the  principal  of  which  certificates  shall  be  redeemable 

12  at  the  end  of  thirty  years  from  the  time  the  same  are 
1.3  issued ;  but  no  greater  amount  of  such  certificates 

14  shall  be  issued  at  any  one  time  than  may  be  sufficient 

15  to  meet  all  the  instalments  required  to  be  paid  by  the 

10  State  at  that  time. 

Sec.  38.  Be  it  further  enacted,  That  the  Comptrol- 

2  ler  shall  register  such  certificates  at  large,  in  a  book  to 

3  be  kept  by  him  for  that  purpose,  at  the  time  he  coun- 

4  tersigns  the  same ;  and  when  he  delivers  the  same  to 

5  the  Public  Treasurer,  he  shall  charge  him  in  hi3  book 
1 0  with  the  amount  thereof,  and  with  also  all  sums,  if  any, 

7  as  the  Public  Treasurer  may  obtain  by  way  of  premium 


1  I  u 

8  on  the  sale  of  said  certificates,  an  account  of  which 
•9  the  Public  Treasurer  shall  render  to  the  Comptroller, 

10  so  soon  as  negotiations  from  time  to  time  for  the  sale 

11  of  said  certificates  are  closed.. 

Sec.  39.  Be  it  further  enacted,  That  so  soon  as  it 

2  shall  become  necessary  to  issue  the  certificates  afore- 

3  said,  the  Public  Treasurer  shall  advertise  in  one  or 
4:  more  newspapers,  as  he  may  think  best,  and  invite 

5  sealed  proposals  for  such  amount  of  the  aforesaid  sub- 

6  cription  as  may  be  wanted  at  any  one  time ;  and  ir 

7  shall  be  his  duty  to  accept  those  terms  which  may  be 

8  most  advantageous  to  the  State  ;  .Provided,  that  in  no 

9  event  shall  any  of  the  said  certificates  be  sold  for  less 

10  than  their  par  value  ;  and  any  premium  which  -may 

11  be  obtained  on  the  sale  of  said  certificates,  shall  be 

12  placed  in  the  Public  Treasury.,  and  used  as  other  pub- 

13  lie  funds. 

Sec.  10,  Be  it  further  enacted,  That  as  security  for 

2  the  redemption  of  said  certificates  of  debt,  the  public 

3  faith  of  the  State  of  Xorth  Carolina  is  hereby  pledged 
1  to  the  holders  thereof,  and  in  addition  thereto,  all  the 

5  stock  held  by  the  State  in  the  "Western  Xorth  Car- 

6  olina  Railroad  Company,"  hereby  created,  shall  be, 

7  and  the  same  is  hereby  pledged  for  that  purpose  ; 

8  and  any  dividends  of  profit  which  may  from  time  to 

9  time  be  declared,  shall  be  applied  to  the  payment  of 

10  the  interest  accruing  on  said  certificates:  but  until 

11  such  dividend  of  profit  may  be  declared,  it  shall  be 

12  the  duty  of  the  Treasurer,  and  he  is  hereby  author- 

13  ised  and  directed  to  pay  all  such  interest  as  the  same 
11  may  accrue,  out  of  any  moneys  in  the  treasury,  not 
15  otherwise  appropriated. 

Sec.  41.  Be  it  further  enacted,  That  these  certifi- 
2  cafes  of  debts  hereby  authorised  to  be  issued,  shall  be 


174 


3  transferable  by  the  holders  thereof,  their  agents  or 

4  attorneys,  properly  constituted,  in  a  book  to  be  kept 

5  by  the  Public  Treasurer  for  that  purpose;  and  in 

6  every  instance  when  a  transfer  is  made,  the  outstand- 

7  ing  certificate  shall  be  surrendered  and  given  up  to 
S  the  Public  Treasurer,  and  by  him  cancelled,  and  a 
9  new  one  for  the  amount  issued  in  its  place,  to  the 

10  person  to  whom  the  same  is  transferred. 

Sec.  42.  Be  it  further  enacted,  That  at  all  general 

2  meetings  of  the  stockholders,  after  the  subscription 

3  hereinbefore  provided  to  be  made  on  the  part  of  the 

4  State,  shall  be  made,  the  State  shall  be  represented 

5  by  an  agent  or  proxy  appointed  by  the  Governor,  and 

6  such  agent  or  proxy  shall  be  entitled,  in  the  general 

7  meetings  aforesaid,  to  vote  on  all  questions,  according 

8  to  the  State's  stock,  except  in  the  election  of  Direc- 

9  tors  by  the  individual  stockholders ;  and  any  stock- 
"10  holder,  or  person  acting  by  proxy,  who  may  offer  to 

11  vote  on  any  stock  transferred,  may  be  required  by  a 

12  stockholder  present  to  swear  that  he  is,  or  if  by  proxy, 

13  that  the  person  he  represents,  he  believes  'to  be  the 

14  bona  fide  owner   of  such   stock,  otherwise  such  vote 

15  shall  not  be  received,  and  on  the  death  of  any  stock- 

16  holder,   his  legal  representative   shall  be  entitled  to 

17  vote  either  in  person  or  by  proxy. 

Sec  43.  Be  it  further  enacted,   That  whenever  the 

2  said  company  shall  have  completed,  equipped  and  in 

3  full  operation,  with  one  or  more  tracks,  for  the  trans- 

4  portation  of  passengers  and  freight,  the  division  of 

5  said  rail-way,  upon  the  construction  of  which,  after 
0  the  survey  aforenamed  in  section  ten  of  this  Act,  with 
7  its  equipment,  and  all  necessary  warehouses,  water 
S  stations,  buildings, — the  aforenamed  subscription  of 
9  six  hundred  thousand  dollars  by  the  stockholders  and 


175 

10  the  State,  lias  been  expended,  the  hoard  of  directors 
.11  shall  at  once  proceed  to  cause  hooks  to  he  opened  by 

12  such  persons  as  they  may  appoint,  and  at  such  places 

13  as  they  may  deem  best,  to  secure  the  further  sub- 

14  scriptin  of  two  hundred  thousand  dollars  to  the  capi- 

15  tal  stock  of  said  company,  which  maybe  made  under 

16  such  rules,  requirements,  and  conditions,  as  shall  be 
IT  prescribed  by  the  Board  of  Directors,  and  the  per- 
IS  sons  so  appointed  shall  make  their  return  to  the  Board 
19  of  Directors. 

Sec.  44.  Be  it  further  enacted,  That  whenever  it 

2  shall  appear  to  the  Board  of  Internal  Improvements 

3  of  this  State,  by  a   certificate,  under  the   seal  of  saM 

4  company,  signed   by  their  Secretary,  and  counter- 

5  signed  by  their  President,  that  the  said  further  sum 

6  of  two  hundred  thousand  dollars  has  been  subscribed 

7  to  the  capital   stock  of  said  company,  the  said  Board 

8  of  Internal  Improvements   shah  be,    and   they   are 

9  hereby  authorized,  and  required  to  direct  the  Treas- 

10  urer  of  the  State  to  make  the  further  subscription  on 

11  behalf  of  the  State,  for  stock  in  said  company,  to  the 

12  amount  of  four  hundred  thousand  dollars,  in  the  capi- 

13  tal  stock  of  said  company. 

Sec.  45.  Be   it  further  enacted,  That   the  manner 

2  and  time  of  payment   of  the  further   subscription  on 

3  the  part  of  the   State,  shall  be  the  same  as  are  pre- 

4  scribed  in  section  12,  of  this  act,  and  under  the  same 

5  conditions,    restrictions,    and  certification  as   therein 

6  prescribed,  for  the  payment  of  the  subscription,  be- 

7  fore   provided  to  be  made  on  the  aforenamed  first 

8  subscription  of  said  amount   on   behalf  of  the  State. 

9  to  the  capital  stock  in  said  company. 

Sec.  46.  Be  it  further  enacted,  That  whenever  and 


170 


2 
3 

4 

5 

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7 

8 

9 

10 

11 

12 

13 

11 

ho 

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17 

18 


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8 

9 

10 

11 

12 


as  soon  as  flic  said  company  shall  have  completed, 
equipped,  and  in  fall  operation,  with  one  or  more 
tracks  for  the  transportation  of  passengers  and  freight, 
the  second  division  of  said  railroad,  the  Board  of  Di- 
rectors of  said  company  shall  proceed  in  the  same 
manner  and  under  the  same  provisions,  regulations, 
restrictions,  and  conditions,  as  are  prescribed  in  sec- 
tions 43,  44,  and  45  of  this  Act,  to  effect  the  construc- 
tion of  each  and  every  consecutive  division  of  said 
railway  throughout  the  line  located,  as  provided  in 
section  ten  of  this  Act;  and  the  same  provisions,  reg- 
ulations, restrictions,  and  conditions  expressed  in  said 
sections  43,  44,  and  45  of  this  Act  as  aforesaid,  shall 
he  in  full  force  when  applied  for  the  construction  of 
each  and  every  consecutive  division  of  said  railway 
throughout  said  line,  located  as  provided  in  section 
leu  of  this  Act. 

Sec.  47.  Be  it  further  enacted,  That  the  following 
officers,  servants  and  persons  in  the  actual  employ- 
ment of  the  said  eofnpany,  be,  and  they  are  hereby 
exempted  from  the  performance  of  jury  and  ordinary 
militia  duty.  The  President  and  Treasurer  of  the 
Board  of  Directors,  the  chief  and  assistant  engineers, 
the  secretaries  and  accountants  of  the  company,  keep- 
ers of  depositories,  guards  stationed  on  the  road  to 
protect  it  from  injury,  and  such  persons  as  may  be 
working  the  locomotive  engines  and  travelling  with 
cars  for  the  purpose  of  attending  to  the  transportation 
of  passengers,  produce  and  merchandise- on  the  road. 


UNIVERSITY  OF  N.C.  AT  CHAPEL  HILL 


00042071872 

FOR  USE  ONLY  IN 
THE  NORTH  CAROLINA  COLLECTION 


Form  No.  A-368,  Rev.  8/95 


